Nigerian payments startup Nomba recently raised $30 million in a pre-Series B funding round led by Base10 Partners. The round, which was oversubscribed, was also backed by Helios Digital Ventures, Shopify, Partech, and Khosla Ventures. The new investment is expected to help Nomba deliver more effective payment solutions to business owners in Nigeria and beyond. Co-founded by Yinka Adewale in 2017, Nomba is currently ranked among Africa’s best payment service providers with a reported monthly transaction value of $1 billion.

The investment will enable Nomba to create a payments solution that can address existing problems in its payment processes producing faster, more efficient customer experiences. Yinka Adewale made a statement lauding the success of the round, noting the startups ambition to use payments as a business model. It’s not just about the product but about the greater potential of payment processes aiding business growth and success. Base10 partner Luci Fonseca expressed her admiration of Nomba’s capital efficiency and innovation in the African market, saying that the organization is excited to support the company in delivering their game-changing solutions.

Africa is filled with potential for innovation and business growth, yet there’s been an apparent disparity in terms of the access to capital. This makes the success of Nomba’s latest funding round all the more impressive. Having surpasses the expectations of their investors, the startup can look forward to greater heights. With a more effective payment solution in their hands, Nomba can look ahead to safer, faster and more efficient payments, thereby enhancing the customer experiences of businesses in Nigeria and beyond.



Other News from Today